Mazoola

Mazoola is best for parents of tech-savvy kids who are ready to start managing their own money — with your guidance. It’s also best for parents who are looking for a financial literacy account that will protect their kids’ identities. Mazoola is the only COPPA-certified kids banking product, which makes it a top choice for keeping your child’s information private.

The app and virtual debit card are free and built-in tools help you assign and track chores, create savings goals and spend wisely anywhere Mastercard contactless payments are accepted.

Most debit cards for kids have some type of annual or monthly fee, so Mazoola is a great option for parents looking for a free way to introduce money management to their children.

Although it’s missing standout features like an investment feature and a physical card, Mazoola plans to add these sometime this year.

If you live in a large city that accepts contactless payments almost everywhere, Mazoola may be a good option. But if your kid doesn’t have a cell phone yet or wants a physical debit card, you’ll want to keep looking.

Is Mazoola safe?

Mazoola is a legit financial app for families. Funds in your account are FDIC-insured up to $250,000. The app also employs secure servers and SSL encryption to keep your information safe.

Is Mazoola free?

Mazoola is one of the few banking apps and debit cards for kids that is completely free. There are no fees whatsoever to use the product.

Mazoola App for Kids

The kid's version of the Mazoola app offers fewer features than the parent app. Kids are basically limited to transferring money, creating savings goals, and completing chores.

Mazoola encourages kids not only to save for personal goals like new shoes or video games, but it also allows kids to fundraise for charities. If you want to instill the importance of charitable giving in your kid at a young age, this could be a great option.

However, the app lacks educational content for kids. If your child is pretty new to managing money, you'll have to put in more effort to teach them the ropes.

Pros

• No monthly fees or service fees
• No minimum age requirement
• Virtual debit card can be used right away
• Kids can earn allowance through chores
• Good security measures/parental controls

Cons

• No physical debit card
• No ATM access
• Can't withdraw or deposit cash
• No educational content
• Negligible interest rate (0.001%)

Mazoola is a solid, free virtual debit card for your child. The biggest drawback to Mazoola, or any virtual card, is that it limits you to contactless payments only. This makes it a better choice for tech-savvy kids and families.

You can download Mazoola on your iOS or Android devices from the app stores. Download the Mazoola app from the Apple App Store or the Google Play Store.